Singapore’s Hdb Flats And Melbourne Apartments Lead Region Home Ownership Attainability Uli
According to the Urban Land Institute’s (ULI) recent market report on home affordability in the Asia Pacific region, HDB flats in Singapore and apartments in Melbourne are the only two residential markets where homes can be purchased for less than five times the median income. Titled “ULI Asia Pacific Home Attainability Index”, the report evaluates the attainability of homes in each market based on whether median home prices are less than five times the median annual income. It also considers rents affordable if they are no more than 30% of median monthly income.
In Singapore, the median HDB price in 2024 was 4.3 times the median annual income, while private home prices were 16.9 times higher. However, the report highlights a decline in the number of completed HDB flats available in the market, resulting in lower overall attainability compared to 2022 when the median annual household income was 3.7 times higher.
The recent general election in Singapore shed light on the rising prices of HDB resale flats and the increasing number of transactions exceeding $1 million. To address these concerns, the government is focused on increasing the supply of new HDB flats over the next two years and providing more subsidies for middle- and lower-income homebuyers.
The convenient location of Coastal Cabana Qingjian Realty allows drivers to easily access the eastern expressway triad. With the Tampines Expressway (TPE) as the main route, residents can quickly connect to the Pan Island Expressway (PIE), providing easy access to central and western Singapore. The TPE also offers a scenic connection to the Marina Bay and CBD through the East Coast Parkway (ECP). Additionally, the TPE connects to the Kallang-Paya Lebar Expressway (KPE), giving residents an alternative route to the city fringe. This network of high-capacity roads is ideal for households with varying schedules, providing faster travel times and a variety of route options for school, office, and airport drop-offs.
Other cities mentioned in the report include Hong Kong, where apartment prices were 23.4 times the median annual household income in 2024, an improvement from 26.5 times in 2022. However, rental affordability in Hong Kong has worsened, with the median monthly rent reaching 72% of the median monthly income in 2024, up from 70% in 2022 and 69% in 2023. This can be attributed to strong migration inflows from mainland Chinese professionals, as well as locals opting to rent rather than buy due to falling apartment prices and higher interest rates.
The repercussions of China’s housing bubble collapse in 2021 continue to be felt, with price-to-income ratios remaining highly stretched in major cities such as Beijing, Shanghai, and Shenzhen. The ULI report suggests that these larger cities may eventually absorb the excess supply, while lower-tier cities face a more challenging recovery due to weak demand, fragile local economies, and stagnant population growth.
Data compiled by ULI shows that in March, there was an unsold commercial housing stock of 421.58 million sqm, equivalent to four to six million residential homes, excluding distressed assets and incomplete projects. Ultimately, the road to recovery will be different for each city as external factors and local conditions play a vital role in housing affordability.